Opinions
Stephen Takacsy, B. Eng, MBA
Vicwest Inc
VIC-T
BUY ON WEAKNESS
Jun 26, 2013
$11.860
Stock price when the opinion was issued
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BUY
2 divisions. 1) Agricultural storage products and 2) building products. Huge opportunities for growth in international markets for grain storage because of loss/damage. Margins were higher last quarter because of buying lower priced steel, which they sold at higher prices. Payout ratio of about 65%.
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Constructive on this name. Thinks it is going to have a strong 2nd half from Westfield backlog and continued growth in North American insulated metal panels and a recovery on margins. They have growth in international markets. Have had a continued focus on costs and efficiencies. Thinks the payout ratio is 45% for 2014. This is a higher risk stock.
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Great company, leaders in Canada in agricultural steal grain storage. Great margins. Was impacted by the recession and margins in the commercial side shrank. Management did a great job of diversifying into insulated panels. Has gone like gangbuster. Had to cut dividend a few years ago to become a growth company after income trusts vanished. Buy below $11